Boost and RHB Secure Digital Bank License in Malasia

Boost, the fintech arm of Axiata Group and RHB Banking Group has secured the highly anticipated digital bank license issued by Bank Negara Malaysia (BNM).

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In June last year, the partnership between Boost and RHB to form a digital bank consortium was announced, with Boost owning a majority stake of 60%, and RHB owning the remaining 40%.

In a joint statement, Boost and RHB said that the aim will be to create greater access for financial inclusion digitally amongst the underserved and unserved segments.

Sheyantha Abeykoon, Group CEO of Boost said:"At Boost, we are extremely excited and thrilled with the announcement by BNM today. The digital bank will be a catalyst for greater financial inclusion and aligns with our core mission to financially empower and support users and merchants. The award of the digital banking license now fulfils our vision of becoming a full spectrum fintech player in the region to better serve the underserved and as one of the pioneers in the industry, we look forward to this very exciting journey in creating an inclusive digital and financial ecosystem for all Malaysians together with RHB via the digital bank."

Dr. Siew Chan Cheong, Chief Strategy Officer of RHB further added:"Building a successful digital bank for underserved customers in Malaysia means embedding ourselves deeply into the daily lives of our customers to ensure that the digital bank is present and ready when they need it – such an entity must exhibit not just high levels of convenience, but also a high level of trustworthiness and responsibility. Together with Boost, we believe that the digital bank we're building together will have all this in place. The digital bank also demonstrates RHB's commitment and desire to spur innovation within Malaysian financial services."